The Lofts In Malta Filling Up; GlobalFoundries Investment Expected To Spawn More Growth

October 7, 2016

The Lofts at Saratoga BLVD in Malta will have 214 townhouse-style apartments.

Courtesy Hayes Development

By Maureen Werther

The Lofts at Saratoga BLVD is one of Malta’s newest apartment communities offering maintenance-free living and many of the amenities that are becoming staples of apartment living.

According to Robert Hayes of Hayes Development, the company broke ground on the $36-million project in 2014 and, when the project is complete, there will be a total of 214 townhouse-style one- and two-bedroom apartments, with attached garages.

Hayes said the recent announcement made by GlobalFoundries to invest $1 billion at its Malta facility in the next few years will continue to fuel both residential and commercial growth in the surrounding area and his company will continue to pursue real estate development projects in Saratoga County.

To date, 122 units have already been completed and Hayes said they have a 95 percent occupancy rate. He expects the remaining 92 units to be ready for occupancy by Spring 2017. Hayes noted that the market studies his company performed all indicated that it would take approximately six months to achieve full occupancy once the units were finished.

"But, we had the first 122 units pre-leased before construction was complete," he said.

The apartments have open floor plans, with half-bathrooms on the first floor, stainless steel and granite in the kitchens, second floor washers and dryers, as well as a second-floor lofted den/office space. The apartments also feature private patios and front porches.

The community area includes an indoor pool and fireside spa, a great room with a billiards table and bar area, as well as two gyms–one containing aerobics and weight equipment, and the other, an open room where residents can access popular exercise videos.

Hayes, whose background is in banking and finance, left that industry in 2011 to pursue real estate development full-time. Since that time, the company's projects include Highpointe at Malta, a commercial office space, Cold Freezer & Storage in Halfmoon, as well as private homes throughout the area and in Lake George.

According to its website, Hayes Development's portfolio currently consists of more than 400,000 square feet and their tenant partners range from small local businesses to Fortune 500 companies.

The general contractor for the Lofts at Saratoga BLVD is Trinity Building + Construction Management Corporation, with offices in Massachusetts and New York.